Time for a bankers draft to clear

joshly

Is a bankers draft as good as cash or does it take time to clear like a regular cheque?

noh

They are the same as cheques.

IanManc

From the Cheque and Credit Clearing Company website:

"It takes the same time as it takes to clear a cheque. The 2-4-6 timescales for cheque clearing set a maximum time limit of two, four and six working days for each of the stages after paying in a cheque to a current or basic bank account.
This means that you will start to earn interest by the second working day after paying in a cheque or draft to your account, you can withdraw the money paid in by the fourth working day and, by the end of the sixth working day after paying in the cheque or draft, you can be certain that the money is yours. After this time, the money cannot be claimed back by your bank without your consent, unless you are a knowing party to fraud.
For savings accounts, the timescales are 2-6-6, which means that you can withdraw the money at the start of the sixth working day after paying in the draft."

it took me a couple of seconds to Google it.

:beer: